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2153 E. 87th 2151 E 87th St 18 Unit Apartment Building $1,950,000 ($108,333/Unit) 7.49% Cap Rate Chicago, IL 60617
Investment Highlights
- Fully stabilized building with rental upside
- New high efficiency boilers (2021), roof tear off (2020), insulated hot water pipes (2020), updated common area and security cameras (2020)
- 13 rear parking spots and coin laundry for additional income
Executive Summary
Triton Realty Group LLC is proud to present 2153 E. 87th, an 18-unit courtyard building
located in a desirable neighborhoods of Avalon Park/Calumet Heights. Unit mix consists
of (6) 2bd 1ba's and (12) 1bd 1ba's. Building improvements include new tear off shingle
roof with insulated roof cavity and new gutters and downspouts (2020), insulated hot
water pipes (2020), two modulating high-end efficient radiant heat boilers (2021),
common area carpet in front and refinished rear stairwells, new electrical fixtures in front
and rear stairwells, security cameras (2020). Strong in place income with opportunity to
raise to market rents. Additional income from parking and laundry. Location is close to 90
expressway, parks, retail and a short drive away from Lake Michigan.
located in a desirable neighborhoods of Avalon Park/Calumet Heights. Unit mix consists
of (6) 2bd 1ba's and (12) 1bd 1ba's. Building improvements include new tear off shingle
roof with insulated roof cavity and new gutters and downspouts (2020), insulated hot
water pipes (2020), two modulating high-end efficient radiant heat boilers (2021),
common area carpet in front and refinished rear stairwells, new electrical fixtures in front
and rear stairwells, security cameras (2020). Strong in place income with opportunity to
raise to market rents. Additional income from parking and laundry. Location is close to 90
expressway, parks, retail and a short drive away from Lake Michigan.
Financial Summary (Pro Forma - 2027) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$302,400
|
$21.22
|
| Other Income |
$8,400
|
$0.59
|
| Vacancy Loss |
$15,120
|
$1.06
|
| Effective Gross Income |
$295,680
|
$20.75
|
| Taxes |
$33,270
|
$2.33
|
| Operating Expenses |
$77,661
|
$5.45
|
| Total Expenses |
$110,931
|
$7.78
|
| Net Operating Income |
$184,749
|
$12.96
|
Financial Summary (Pro Forma - 2027)
| Gross Rental Income | |
|---|---|
| Annual | $302,400 |
| Annual Per SF | $21.22 |
| Other Income | |
|---|---|
| Annual | $8,400 |
| Annual Per SF | $0.59 |
| Vacancy Loss | |
|---|---|
| Annual | $15,120 |
| Annual Per SF | $1.06 |
| Effective Gross Income | |
|---|---|
| Annual | $295,680 |
| Annual Per SF | $20.75 |
| Taxes | |
|---|---|
| Annual | $33,270 |
| Annual Per SF | $2.33 |
| Operating Expenses | |
|---|---|
| Annual | $77,661 |
| Annual Per SF | $5.45 |
| Total Expenses | |
|---|---|
| Annual | $110,931 |
| Annual Per SF | $7.78 |
| Net Operating Income | |
|---|---|
| Annual | $184,749 |
| Annual Per SF | $12.96 |
Property Facts
| Price | $1,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $108,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 7.49% | Building Size | 16,500 SF |
| Gross Rent Multiplier | 7.45 | Average Occupancy | 89% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1965/2020 |
| Property Subtype | Apartment | Parking Ratio | 0.79/1,000 SF |
| Zoning | B3-2 | ||
| Price | $1,950,000 |
| Price Per Unit | $108,333 |
| Sale Type | Investment |
| Cap Rate | 7.49% |
| Gross Rent Multiplier | 7.45 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 16,500 SF |
| Average Occupancy | 89% |
| No. Stories | 3 |
| Year Built/Renovated | 1965/2020 |
| Parking Ratio | 0.79/1,000 SF |
| Zoning | B3-2 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | - |
| 1+1 | 12 | - | - |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 25-01-203-047-0000 | Total Assessment | $138,300 (2025) |
| Land Assessment | $13,445 (2025) | Annual Taxes | $33,270 ($2.02/SF) |
| Improvements Assessment | $124,855 (2025) | Tax Year | 2027 |
Property Taxes
Parcel Number
25-01-203-047-0000
Land Assessment
$13,445 (2025)
Improvements Assessment
$124,855 (2025)
Total Assessment
$138,300 (2025)
Annual Taxes
$33,270 ($2.02/SF)
Tax Year
2027
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2153 E. 87th | 2151 E 87th St
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